Recall the components of internal control. identify the internal control weakness in this situation, and propose a way to correct it. the internal control weakness is that the ▼ controller compares the deposit slip to the amount posted. credit department receives incoming cash from the customers. credit department runs a credit check on all customers. credit department transfers cash to the treasurer for deposit. with access to cash, a ▼ credit department employee can pocket credit department employee can deposit all mail room employee can pocket cash received from a customer and ▼ copies all remittance slips for the controller. destroy the remittance slip. then balances the deposit. journalizes the remittance slips in one entry. the credit department can then write-off the customer's account as uncollectible, and the company will stop pursuing collection from the customer.

Question

Business

Goober

19 August, 04:28

Recall the components of internal control. identify the internal control weakness in this situation, and propose a way to correct it. the internal control weakness is that the ▼ controller compares the deposit slip to the amount posted. credit department receives incoming cash from the customers. credit department runs a credit check on all customers. credit department transfers cash to the treasurer for deposit. with access to cash, a ▼ credit department employee can pocket credit department employee can deposit all mail room employee can pocket cash received from a customer and ▼ copies all remittance slips for the controller. destroy the remittance slip. then balances the deposit. journalizes the remittance slips in one entry. the credit department can then write-off the customer's account as uncollectible, and the company will stop pursuing collection from the customer.

+3

Answers (1)

Know the Answer?

Aylin Gentry · Answer 1

Recall the components of internal control. Identify the internal control weakness in this situation, and propose a way to correct it.

Recall the components of internal control. Identify the internal control weakness in this situation, and propose a way to correct it

The internal control weakness is that the credit department receives incoming cash from the customers.

With access to cash,

a credit department employee can pocket

cash received from a customer

destroy the remittance slip

The credit department can then write-off the customer's account as noncollectable, and the company will stop pursuing collection from the customer